NEWS FILE PHOTO Andrew Kiguel, the CEO of Hut 8 Cryptocurrency, celebrates the grand opening of the company's data processing facility in Medicine Hat in September 2018. The company said this week that Kigeul is planning to step down as CEO when a replacement is found.
The head of Hut 8 Cryptocurrency will remain the CEO while a replacement is found, the company which has major operations in Medicine Hat announced this week.
Andrew Kiguel was named CEO shortly after the company announced it would build a major data-processing facility in Medicine Hat in early 2018.
On Wednesday the company outlined a succession plan for Kiguel and released news that it would amend an agreement with a key partner and shareholder.
“We’ve accomplished significant milestones, including raising over $100 million in debt and equity and the completion of our 67 MW facility in Medicine Hat,” Kiguel said in a statement.
“Hut 8 survived the 2018 bitcoin price collapse and emerged the world’s largest publicly traded bitcoin miner.”
The company’s operations at founding were a partnership between the company and specialized chip-maker BitFury. As part of the new agreement, Hut 8 will have more latitude to access competitors equipment. The change could result in $2 million less in fees paid between the two firms. Hut 8 will also refinance a debt owed to Bitfury at a lower rate with a third-party.
“The amendment … will allow Hut 8 to operate more independently as the company continues to mature … Bitfury remains the largest Hut 8 shareholder and an important strategic partner,” said Kiguel.
